Entrepreneur Mike Gray and his wife, Lori, are chasing rarified air in Newport Beach, listing their waterfront compound for $47.5 million. If they get their price, it’ll be among the priciest sales in Orange County history.The current record-holder sits a stone’s throw away in Newport Coast, where a 19,000-square-foot mega-mansion traded hands for $61 million in 2020.Gray, who spent 25 years as an executive for luxury fashion brand St. John Knits and also founded the baked goods company Sweet Life Enterprises, paid $12.547 million for the property in 2017 and extensively remodeled the mansion in the years since.The biggest justification for the price tag is the space. The compound claims three parcels and 105 feet of harbor frontage — a rarity for waterfront properties in the coastal city. It’s found in Lido Isle, a man-made island filled with luxury homes with a population of roughly 1,800.1/13The waterfront home. (Toby Ponnay) 2/13The entry. (Toby Ponnay) 3/13The dining room. (Toby Ponnay) 4/13The living room. (Toby Ponnay) 5/13The view. (Toby Ponnay) 6/13The kitchen. (Larry Faulk) 7/13The office. (Larry Faulk) 8/13The bedroom. (Larry Faulk) 9/13The bathroom. (Toby Ponnay) 10/13The indoor-outdoor family room. (Toby Ponnay) 11/13The pool. (Toby Ponnay) 12/13The lawn. (Toby Ponnay) 13/13The dock. (Toby Ponnay) Inside are four bedrooms, four bathrooms and a handful of lavish living spaces decorated with designer finishes. Suede and silk cover the walls, and the ceilings alternate between river rock and wave porcelain tile.Nearly every room takes in views of the harbor, and the indoor-outdoor living room opens directly to an infinity-edge pool and spa right above the water. Another highlight comes in the primary suite, where the sky-lit bathroom features a hammock bathtub suspended from the ceiling. Out back, a cabana with heated floors leads to a private dock with room for three boats.Tim Smith of Coldwell Banker Realty Newport Beach holds the listing.